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GeoOP to explore capital raising for a compliance listing

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GeoOP to explore capital raising for a compliance listing on the NZAX to accelerate global expansions plans

AUCKLAND, Friday 23rd August, 2013 - GeoOP Limited, the New Zealand-based, mobile job management technology company, is intending to explore a compliance listing on the New Zealand Alternative Stock Exchange (NZAX). Prior to any potential compliance listing, GeoOP is looking to raise new equity of around $8 million through a private investment offer.

GeoOP already has international uptake and is used across 13 countries. As a software as a service (SaaS) business GeoOP’s scalable job-costing product transforms the way trades and services businesses with a mobile workforce operate. GeoOP’s mobile -based technology replaces business processes which involve paperwork and hard to manage workflow systems, with the ability to create, assign, schedule, cost, complete and invoice work all in real time, by taking advantage of smart devices. The technology does not currently require regionalisation and any new product features can be released worldwide. GeoOP also integrates with other leading business products such as Xero, Freshbooks, Unleashed, Navman and Snitch to streamline business processes.

Leanne Graham was appointed the CEO for GeoOP in February 2013. She has invested over $700,000 into GeoOP and assisted the company to raise around $3 million of capital to date. Graham says a listing on the NZAX market would enable GeoOP to effectively raise further capital to expand globally and bring another growth company to the New Zealand stock market.

“Job costing, scheduling and invoicing is at the heart of every business in the trades and services sectors,” says Graham. “We estimate that over 60 million people (being around 25% of the working population) in selected Western countries operate in these sectors. Taking into account the prolific uptake of mobile devices by the large market of mobile workers, coupled with the reducing costs of mobile data, GeoOP provides these businesses with a solution that’s simple to use, well-designed and assists them to make money.

“GeoOP aims to be the market leader in mobile job management for the trade and service sectors. We have a highly skilled management team and the company is well governed with experienced Directors. We are also building a valued ecosystem of telcos, GPS providers, accountants / bookkeepers, partner apps, associations and micro and small businesses.”

Graham has 27 years’ experience in sales, marketing and global channel enablement in the SaaS sector. Prior to her GeoOP appointment she was Country Manager for Xero, where she designed and developed its global sales strategy. She propelled Xero from a newcomer cloud product to become the accounting standard in New Zealand; growing the business’s customers from 4,000 to over 120,000 between 2009 and 2012. In 2002, Graham co-founded Enprise, a business management software company and grew it from a start-up to becoming SAP Business One’s leading add-on partner globally. The company went on to raise capital and purchase a provisioning platform Cortex, which was successfully sold to Citrix. Graham has since sold her shareholding in the other divisions of Enprise.

Since its start-up in 2009, GeoOP has grown to have over 4,000 paying users. Around 85% of its current paying users are located offshore; key markets include 56% in Australia, 15% in New Zealand, 6% in the UK, 19% in the US/Canada and 4% in other countries.

In June 2013, GeoOP signed a partnership deal with Telstra, Australia's leading telecommunications and information services company, to distribute GeoOP via Telstra’s T-Suite platform. GeoOP has opened a Sydney office in addition to its established Melbourne office to support the Australian market growth. It has also recently opened an office in the UK.

GeoOP has appointed investment bank Cameron Partners Limited, which led the IPO of Xero. Cameron Partners also recently advised, along with Rothschild its global alliance partner, on the IPO of the Fonterra Shareholders’ Fund, raising $525 million.

“We are delighted to be working with GeoOP, which has a pure SaaS delivery model and the key ingredients and leadership to successfully list on the stock exchange”, says Ross Christie, Partner from Cameron Partners. “The NZAX market is a platform for growth companies to efficiently raise capital, scale and achieve further milestones.  It also offers investors wider investment choices.”

GeoOP has also appointed Bell Gully as its legal adviser.

Habitual investors and eligible persons

Prior to a possible NZAX compliance listing of GeoOP, the company intends to seek funding under a private offer from habitual investors and eligible persons, as defined in the Securities Act 1978.

Subscriptions for shares by “eligible persons” are exempt from most of Part 2 of the Securities Act (including the requirement for there to be a Registered Prospectus and for an investor to receive an Investment Statement in respect of the shares). There is unlikely to be a public offering of securities requiring a Registered Prospectus and Investment Statement.

If you potentially have an interest in investing in GeoOP and are a habitual investor or an eligible person, please confidentially register your interest at geoop@cam.co.nz

ENDS

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